The author reports the findings of his examination of the relationship between CEO pay and performance, as measured by shareholder returns, using measures of compensation and returns that span a CEO's full period of service. Unlike studies that look at annual measures of CEO pay and stock returns—which are distorted by the widespread use of options and the arbitrary effects of when CEOs choose to exercise their options—the author finds a statistically significant connection between total compensation and shareholder return measured over full periods of service for 521 S&P 500 CEOs. Indeed, after one adjusts for differences in the length of a CEO's service, shareholder return is arguably the most important determinant of variation in the amount paid CEOs over their complete tenures.

中文翻译：

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首席执行官整个服务期间的股东回报率与CEO报酬之间的关系

作者报告了他对CEO薪酬与绩效之间关系的研究结果，该结果由股东回报，使用薪酬和跨越CEO整个服务期间的回报来衡量。与研究CEO薪酬和股票回报的年度度量的研究不同（作者的选择被广泛使用以及CEO选择行使期权时的任意影响而扭曲），作者发现，总薪酬与所衡量的股东回报之间存在统计上的显着联系在521个S＆P 500首席执行官中提供了全职服务。确实，在根据首席执行官的服务年限进行调整之后，可以说股东回报是决定首席执行官在其整个任期内所支付的金额变化的最重要决定因素。